IRIS Software program, a U.Okay.-based supplier of accounting software program, has acquired AccountantsWorld, a longtime supplier of accounting and payroll software program and cloud-based providers to accountants, based mostly in Hauppauge, New York.
The deal is a part of IRIS’s purpose of increasing its foothold in North America. Its manufacturers embrace IRIS Star Observe Administration, IRIS FMP, IRIS Innervision, Observe Engine, Doc.It (which it acquired in July 2021), PSI Payroll, Senta and Conarc (which it acquired in September 2021).
AccountantsWorld has been a pioneer within the cloud-based accounting expertise area; it was co-founded in 1984 as Micro Imaginative and prescient Software program by Dr. Chandra Bhansali and his spouse Sharada, after Sharada found an error on their tax return and so they determined to put in writing their very own tax software program. Micro Imaginative and prescient was one of many first corporations to develop Home windows-based shopper write-up, payroll, tax and apply administration software program for accountants, and, after the World Vast Internet grew to become fashionable, to develop an internet service for accountants known as AccountantsWorld.com in 1999. The corporate was renamed AccountantsWorld in 2003 and capitalized on the growing recognition of cloud-based expertise for shopper accounting providers. Not like a lot of its opponents over time, it has resisted being acquired by bigger corporations till now. Monetary phrases of the deal weren’t disclosed.
“For the previous 30 years, we’ve got made it our mission to ship revolutionary methods for accountants to make the most of expertise that empowers them to change into indispensable, trusted companions to their shoppers, ingrained in important enterprise capabilities,” Chandra Bhansali stated in a press release Thursday. “Becoming a member of IRIS additional advances our mission. CAS providers are critically necessary for accountant corporations and becoming a member of IRIS permits them to ship extra monetary worth to their shoppers and allow them to concentrate on their enterprise.”
Chandra and Sharada Bhansali will probably be retiring from the operational management of AccountantsWorld on the finish of January 2022, in response to a spokesperson for IRIS. “They are going to be supporting the enterprise from a strategic and imaginative and prescient perspective in a consultancy function over the following few months, guiding AccountantsWorld by the beginning of its transition into the IRIS household,” she added. “The broader group will stay with the enterprise to drive it ahead on its subsequent chapter of development.”
IRIS plans to proceed constructing its presence in North America, combining its current acquisitions of Doc.IT and Conarc with its present choices for CPAs, together with Star Observe Administration, Innervision, FMP, PSI, Senta and Observe Engine, whereas making future acquisitions and creating new merchandise. It stated it at the moment works with 50 of the Prime 100 CPA corporations, together with many small and midsized corporations. AccountantsWorld has lengthy catered to smaller accounting corporations.
“We’re excited to welcome AccountantsWorld into the IRIS household as we proceed to develop our North American presence to empower accounting corporations to handle and develop their practices extra effectively and change into higher advisors to their shoppers,” IRIS Software program Group CEO Elona Mortimer-Zhika stated in a press release. “The AccountantsWorld founders pioneered cloud expertise for accountants, and the holistic suite of cloud-based options they’ve created are an distinctive addition to our choices. Collectively they assist accountants remodel their practices with options that drive automation, effectivity, and productiveness, and permit them to introduce new and value-added providers.”